$1 Million Initial Investment Now Worth Over $500 Million Four Years Later
The investment group Westchester Angels is announcing its first exit opportunity, providing significant returns to a group of local investors and highlighting their intuition for spotting growth opportunities.
Westchester Angels first invested in the start-up Ocrolus in 2017, helping raise $1M in a seed round for the new fintech company. Ocrolus is a New York City-based financial technology company specializing in automated document analysis, with marquee-name clients like PayPal and SoFi. Now, four years later, Ocrolus is valued at over $500M — more than half-a-billion dollars. The valuation comes this month from FinVC, a San Francisco-based venture capital firm specializing in fintech. To date, Ocrolus has raised more than $100M, and it has increased its revenue 20-fold in the past three years, from $1M to $20M.
Some of the initial Westchester Angels investors have now sold their shares, making for a wildly successful investment. Other investors have retained their shares as Ocrolus continues to expand into new markets, like the mortgage lending sector.
Says Sandy Wollman, Co-Founder and Managing Director of Westchester Angels: “It was an absolute pleasure to help Sam, Vik and the Ocrolus Team raise their first round. And it’s incredibly rewarding to see where they are today. The more time I spent with them over the years, the more confident I was in their ability to scale and execute.”
Says Sam Bobley, CEO and Co-Founder of Ocrolus: “The Westchester Angels, from day one, had strong convictions about Ocrolus. Sandy Wollman rallied different angel investors to us, unlocking the opportunity for growth.”
Ocrolus has won major accolades in recent years. It is one of the fastest-growing fintech companies in the U.S. and the fastest-growing software company in New York State. It was named “The 30th fastest growing private company in America” by Inc. Magazine, and CEO Bobley was named to Forbes 30 under 30 in 2020.
The company has no plans to slow down. “Now, as COVID-19 has forced financial institutions to evolve, every lender and bank has no choice but to offer online options to customers,” Ocrolus co-founder and CEO Sam Bobley recently told TechCrunch.
To learn more about Ocrolus and the Westchester Angels’ backstory, please visit: https://www.youtube.com/watch?v=rhLYtDHYkxo
